October 2016 Home sales Stats

By
Real Estate Agent with Berkshire Hathaway Home Services Crest CBRE #01044712

On November 22, 2016, National Association of Realtors® (NAR) reported on median home value price was $232,200 in October of 2016 higher 6.0% from the price of $219,100 in October of 2015.
Single family home sales gained 2.3% to annual rate of 4.99 million unit in October of 2016 from the annual rate of 4.88 million sales in September of 2016, and increased 6.6% from the 4.68 million home sales rate in October of 2015. The median single family home price was $233,700 in October of 2016, jumped 5.9% from October of 2015.
Condominium and co-op sales were same 0.0% to an annual rate of 610,000 units in October of 2016 from 610,000 units in September of 2016, and similar to 0.0% from 610,000 units in October of 2015. Median existing condo price was $220,300 in October of 2016, rose 6.2% from October of 2015.

Distressed homes sales were 5.0% in October of 2016 higher from 4.0% in September of 2016, but lower from 6.0% in October of 2015. Foreclosures accounted for 4.0% and short sales were 1.0% of distress sales in October of 2016. Foreclosures sold at average 18% discount from market value in October of 2016, up from the 15.0% discount in September of 2016, while short sales sold at 16.0% discount in October of 2016 rose from 11.0% discount in September of 2016. An average it took 99 days to sell a short sale property, 50 days to sell foreclosures property, and 39 days to sell non distress property in October of 2016.

Lawrence Yun, NAR chief economist, stated "A prolonged continuation of the robust single-family starts pace seen last month (869,000) would go a long way in giving homeowners much-needed assurance that they can list their home for sale and find a new home to buy within a reasonable timeframe."
For more complete information, on NAR's October of 2016 home sales stats, please http://www.realtor.org/news-releases/2016/11/existing-home-sales-jump-again-in-october

Posted by

John Pusa

Real estate agent, Glendale, CA

Better way to buy and sell real estate

Berkshire Hathaway Home Services Crest

Office (818) 441-8881

Mobile (818) 441-8881

4005 Foothill Blvd.

La Crescenta, CA. 91214

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